A new precast concrete sandwich panel with glass fiber-reinforced polymer connectors was proposed, utilizing bolt-steel plate connections. A compressive experiment was carried out to investigate the performance. The main damage was concrete crushing in the bolt connection region, at the panel bottom, and above the joint. The connector type, solid concrete rib, slenderness ratio, and thickness affected the failure mode and bearing capacity. The use of GFRP connectors and solid concrete ribs enhanced the ultimate bearing capacity and stiffness of the panels while reducing the lateral deflection. Higher slenderness ratios leading to reduced axial bearing capacity and increased lateral deflection. Finally, the results of the existing empirical calculation formulae were compared with experimental ones, and they were overly conservative. A new formula for predicting the bearing capacity was proposed, and the difference percentages between the proposed formula and experimental results were −0.4 %–2.8 %, which was the most accurate prediction formula.